Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

odyssey06

brianc27 wrote: »

Just got my official loan offer today and solicitor informed me things were moving fast with all the legal stuff, on the home striaght now I feel, just need to sort home insurance and mortgage protection.
Question in mortgage protection, do I get protection on the value of the loan only or in the loan amount plus interest I'll pay over the 25 years?

Value of the loan only

Ace2007

odyssey06 wrote: »

Value of the loan only

Who covers the interest part if there is ever a claim?

awec

Ace2007 wrote: »

Who covers the interest part if there is ever a claim?

There is none.

Mortgage protection will pay off your outstanding mortgage balance if you die. At this point your surviving partner or whoever would live mortgage free.

:|

Hayley363 wrote: »

We just got our survey done with Property Health Check & I found them really good. The engineer rang me after the survey to let me know how it went & I received the full report and an abbreviated version for my solicitor 2 days after the survey

Thanks, will check them out!

Ace2007

awec wrote: »

There is none.

Mortgage protection will pay off your outstanding mortgage balance if you die. At this point your surviving partner or whoever would live mortgage free.

But the question was do you get cover for the loan part or loan + interest part, and the previous poster said just the loan part. I would have assumed you have to cover the full repayment cost (i.e. loan + interest)?

awec

Ace2007 wrote: »

But the question was do you get cover for the loan part or loan + interest part, and the previous poster said just the loan part. I would have assumed you have to cover the full repayment cost (i.e. loan + interest)?

Interest accrues daily.

If you pay off the capital tomorrow there is no more interest on your mortgage.

Interested Observer

Ace2007 wrote: »

But the question was do you get cover for the loan part or loan + interest part, and the previous poster said just the loan part. I would have assumed you have to cover the full repayment cost (i.e. loan + interest)?

You don't need to cover the interest, it's basically pay as you go, it's accruing all the time as you pay down the mortgage. If you went into the bank tomorrow and paid off your mortgage then you go in, pay off the capital balance (plus a break fee if you're on a fixed rate) and you're done. You don't pay interest that would be accrued in the future.

Ace2007

Sorry yea i get that, poor english on my behalf, but it's not just the principle amount that is covered with the protection. i.e. if i borrow 250k over 25 years, the protection policy has to cover some element of the interest payments at the time of the death, and not just the principle amount.

awec

Ace2007 wrote: »

Sorry yea i get that, poor english on my behalf, but it's not just the principle amount that is covered with the protection. i.e. if i borrow 250k over 25 years, the protection policy has to cover some element of the interest payments at the time of the death, and not just the principle amount.

You pay the interest as you go along so it would only have to pay a tiny amount if it ever unfortunately had to pay out.

Ace2007

awec wrote: »

You pay the interest as you go along so it would only have to pay a tiny amount if it ever unfortunately had to pay out.

Yea sorry long day, i suppose it would only ever be an issue if there was a build up of arrears.

tobsey

Ace2007 wrote: »

Yea sorry long day, i suppose it would only ever be an issue if there was a build up of arrears.

Yes that’s true. The mortgage protection policies are designed to decrease in value at the same rate as your principal decreases. So if your mortgage is 300k over 30 years, you’ll owe 190k or so after 15 years halfway through. The mortgage protection will be a bit over that at that time but then decreases rapidly as you reach the end of the loan.

Jmc25

givyjoe wrote: »

Has anyone else seen supply worsen even further? Was expecting viewings starting again to see a bump in supply, but it genuinely seems to be the opposite in my price range (300-400k) and area (West Dub/Kildare/Meath). At any given time over the last year, id usually have had a half dozen properties or more saved on Daft, with viewings almost every weekend. Currently zero saved, and there's next to nothing being added.

I saw a bump when viewings opened but it's definitely slowed down again over the last couple of weeks where I'm looking in North Dublin.

More properties available in my area every time I check daft. From 88 to 116 in the space of about 3 weeks. I am hearing anecdotally that some of the houses with inflated asking prices (obviously trying to milk the level of demand out there) are sitting with no offers on them.

Only 8-12 weeks ago there were houses selling for mental money in my area. One house in particular that I was looking at was listed at 200 (which is about all it was worth) and it went sale agreed at 250 over the course of a week.

I'd say the people that are sale agreed on it must surely be having second thoughts. I wonder will many of the sales that went for mental money start to fall apart now that things seemed to have calmed a little bit.

niniboots

Sorry in advance bit of long post. We have been looking for 2 years, trying to seriously buy for 12mths and every single housing estate for new builds, that we registered with were sold to oversea investors. 2 back to back in space of weeks, we are renting (5 years) and it's 2100 per mth so everytime the houses were sold out from under us it was so dissapointing. We had call Tues for a cancellation, on a new house in Straffan and we put a booking deposit down yesterday. Even though its been a while trying to buy, it now feels quick. I have a couple of questions and I'm sure they are on the thread & have been answered so many times but we are bit clueless with finer details for next steps. If you can help, really appreciate it.

So this is what I know, we have a solicitor just got him yesterday, booking deposit has been paid so house is reserved in our favour subject to contracts. Then they are sending contracts to our solicitors and we have 21 days to sign. So that's all grand, our loan approval in principle is with ics, I'm teacher so we got 2 points up scale but our broker resubmitted yesterday to Finance Ireland. The reason Lower interest on same loan, they also do 2 points up, but the house was 10k more than our ICS approval. We have the extra 10k saved (outside of deposit) but it would have wiped us out and we had that set aside for stamp duty, solicitor etc.

1. Does Anyone know how long it takes for loan approval with Finance Ireland? Our broker said 10 days but we were 3 weeks waiting for ICS. Just don't want to cut it short.
2. Is it normal to not sign contracts straight away, I know finance Ireland will need the min 10days. We can use ICS but I'd prefer to keep our 10k for the extras so want to try increase.
3. We are help to buy approved, I know we need loan letter and signed contracts for the claim piece. Do we have time from day we sign contract to upload documents before developer receives 10% deposit. Or have I got that bit wrong.
4. If all goes to plan & we sign contracts, pay deposit what is next step.

The house is built but not finished and the EA has said circa August. Do we need to engage anyone else, like surveyors or the like. Do the solicitors or EA advise on that.

Just as an FYI, as I know how difficult it is now trying to buy, there is 1 house still left (yesterday) a 3 bed detached 405k so if anyone is looking in Straffan Kildare area pm & I'll send details, it's marked as sold out but someone reserved and pulled out, the ea gave us 2 house option that they had remaining. We are both working in Dublin so tried N7 and N4 it's 30 min drive on either side, rush hour added 12 min, but the village is lovely.

Anyway thanks for any help

Thanks a mill

hi!

niniboots wrote: »

Sorry in advance bit of long post. We have been looking for 2 years, trying to seriously buy for 12mths and every single housing estate for new builds, that we registered with were sold to oversea investors. 2 back to back in space of weeks, we are renting (5 years) and it's 2100 per mth so everytime the houses were sold out from under us it was so dissapointing. We had call Tues for a cancellation, on a new house in Straffan and we put a booking deposit down yesterday. Even though its been a while trying to buy, it now feels quick. I have a couple of questions and I'm sure they are on the thread & have been answered so many times but we are bit clueless with finer details for next steps. If you can help, really appreciate it.

So this is what I know, we have a solicitor just got him yesterday, booking deposit has been paid so house is reserved in our favour subject to contracts. Then they are sending contracts to our solicitors and we have 21 days to sign. So that's all grand, our loan approval in principle is with ics, I'm teacher so we got 2 points up scale but our broker resubmitted yesterday to Finance Ireland. The reason Lower interest on same loan, they also do 2 points up, but the house was 10k more than our ICS approval. We have the extra 10k saved (outside of deposit) but it would have wiped us out and we had that set aside for stamp duty, solicitor etc.

1. Does Anyone know how long it takes for loan approval with Finance Ireland? Our broker said 10 days but we were 3 weeks waiting for ICS. Just don't want to cut it short.
2. Is it normal to not sign contracts straight away, I know finance Ireland will need the min 10days. We can use ICS but I'd prefer to keep our 10k for the extras so want to try increase.
3. We are help to buy approved, I know we need loan letter and signed contracts for the claim piece. Do we have time from day we sign contract to upload documents before developer receives 10% deposit. Or have I got that bit wrong.
4. If all goes to plan & we sign contracts, pay deposit what is next step.

The house is built but not finished and the EA has said circa August. Do we need to engage anyone else, like surveyors or the like. Do the solicitors or EA advise on that.

Just as an FYI, as I know how difficult it is now trying to buy, there is 1 house still left (yesterday) a 3 bed detached 405k so if anyone is looking in Straffan Kildare area pm & I'll send details, it's marked as sold out but someone reserved and pulled out, the ea gave us 2 house option that they had remaining. We are both working in Dublin so tried N7 and N4 it's 30 min drive on either side, rush hour added 12 min, but the village is lovely.

Anyway thanks for any help

Thanks a mill

Do you know if attics can be converted in the 3 beds? I’d be interested in hearing about the house please

awec

niniboots wrote: »

Sorry in advance bit of long post. We have been looking for 2 years, trying to seriously buy for 12mths and every single housing estate for new builds, that we registered with were sold to oversea investors. 2 back to back in space of weeks, we are renting (5 years) and it's 2100 per mth so everytime the houses were sold out from under us it was so dissapointing. We had call Tues for a cancellation, on a new house in Straffan and we put a booking deposit down yesterday. Even though its been a while trying to buy, it now feels quick. I have a couple of questions and I'm sure they are on the thread & have been answered so many times but we are bit clueless with finer details for next steps. If you can help, really appreciate it.

So this is what I know, we have a solicitor just got him yesterday, booking deposit has been paid so house is reserved in our favour subject to contracts. Then they are sending contracts to our solicitors and we have 21 days to sign. So that's all grand, our loan approval in principle is with ics, I'm teacher so we got 2 points up scale but our broker resubmitted yesterday to Finance Ireland. The reason Lower interest on same loan, they also do 2 points up, but the house was 10k more than our ICS approval. We have the extra 10k saved (outside of deposit) but it would have wiped us out and we had that set aside for stamp duty, solicitor etc.

1. Does Anyone know how long it takes for loan approval with Finance Ireland? Our broker said 10 days but we were 3 weeks waiting for ICS. Just don't want to cut it short.
2. Is it normal to not sign contracts straight away, I know finance Ireland will need the min 10days. We can use ICS but I'd prefer to keep our 10k for the extras so want to try increase.
3. We are help to buy approved, I know we need loan letter and signed contracts for the claim piece. Do we have time from day we sign contract to upload documents before developer receives 10% deposit. Or have I got that bit wrong.
4. If all goes to plan & we sign contracts, pay deposit what is next step.

The house is built but not finished and the EA has said circa August. Do we need to engage anyone else, like surveyors or the like. Do the solicitors or EA advise on that.

Just as an FYI, as I know how difficult it is now trying to buy, there is 1 house still left (yesterday) a 3 bed detached 405k so if anyone is looking in Straffan Kildare area pm & I'll send details, it's marked as sold out but someone reserved and pulled out, the ea gave us 2 house option that they had remaining. We are both working in Dublin so tried N7 and N4 it's 30 min drive on either side, rush hour added 12 min, but the village is lovely.

Anyway thanks for any help

Thanks a mill

It might take them a week or so to get the contracts to your solicitor.

And IMO the 21 days thing is a load of balls. They all say this, but they aren't going to phone you on the 22nd day and pull the plug. They just don't want you stringing it out for months.

TetrisLover

The current offer on this property is 335k at the moment...
.daft.ie/for-sale/terraced-house-2-old-farm-carpenterstown-road-castleknock-dublin-15/3236822

I know houses are worth what buyers are willing to pay but still, this I just cannot comprehend.

Ace2007

TetrisLover wrote: »

The current offer on this property is 335k at the moment...
.daft.ie/for-sale/terraced-house-2-old-farm-carpenterstown-road-castleknock-dublin-15/3236822

I know houses are worth what buyers are willing to pay but still, this I just cannot comprehend.

The location is Castleknock and people want to live beside their folks - have you not being reading the threads...

Treppen

Ace2007 wrote: »

The location is Castleknock and people want to live beside their folks - have you not being reading the threads...

Very good school in a very limited catchment area. Brother said they turned down 80 students in the catchment area last year.

KBH2020

Ok can someone tell me am I seeing things? I am nearly after falling off my chair here.

Just up on Daft:
https://www.daft.ie/for-sale/semi-detached-house-138-kimmage-road-west-kimmage-dublin-12/3263322
Asking 550k so they expect about 600k:O :O

Last year house next door went up:
https://www.myhome.ie/residential/brochure/136a-kimmage-road-west-kimmage-dublin/4412068
Asking 424k, sold for €434,000 went up on PPR Sept 2020.

Look at the amount of work to be done. The second one is actually in better condition!!!

I think I am done.

brianc27

TetrisLover wrote: »

The current offer on this property is 335k at the moment...
.daft.ie/for-sale/terraced-house-2-old-farm-carpenterstown-road-castleknock-dublin-15/3236822

I know houses are worth what buyers are willing to pay but still, this I just cannot comprehend.

christ, the inside is in bits, maybe if it was turnkey condition then it might justify 335k

ebayissues

I'd be sickened I missed selling my house for 200k more, absolutely sickened

yer man!

ebayissues wrote: »

I'd be sickened I missed selling my house for 200k more, absolutely sickened

Except if they were buying a house at that time it would also have been cheaper so it makes no difference really. Unless of course the person that sold the house didn't need to buy another, then yeah, I would be miffed

C14N

givyjoe wrote: »

Has anyone else seen supply worsen even further? Was expecting viewings starting again to see a bump in supply, but it genuinely seems to be the opposite in my price range (300-400k) and area (West Dub/Kildare/Meath). At any given time over the last year, id usually have had a half dozen properties or more saved on Daft, with viewings almost every weekend. Currently zero saved, and there's next to nothing being added.

Honestly, it's not completely shocking to me. If I owned a house right now I think I'd be sitting tight and waiting for the storm to blow over unless I absolutely had to move. It might be a "sellers market" but most homeowner sellers have to buy something too at the same time. A chaotic market really isn't good for anyone.

KBH2020 wrote: »

Ok can someone tell me am I seeing things? I am nearly after falling off my chair here.

Just up on Daft:
https://www.daft.ie/for-sale/semi-detached-house-138-kimmage-road-west-kimmage-dublin-12/3263322
Asking 550k so they expect about 600k:O :O

I think I am done.

I saw this too. I thought they were having an absolute laugh with that first one, I couldn't believe an estate agent would actually put that up at that price. I know property prices are going up, but for what you're getting with that (old house, no floors, peeling wallpaper, bomb site north-facing garden, D2 rating, in Kimmage) you can get so much more. I've seen places in similar condition with bigger gardens around Dundrum going for that.

givyjoe

C14N wrote: »

Honestly, it's not completely shocking to me. If I owned a house right now I think I'd be sitting tight and waiting for the storm to blow over unless I absolutely had to move. It might be a "sellers market" but most homeowner sellers have to buy something too at the same time. A chaotic market really isn't good for anyone.
with bigger gardens around Dundrum going for that.

It's not shocking to me either, but there was a hell of a lot more properties coming on this time last year after the first lockdown ended, and that was never going to be the end of it. It's basically at a standstill now as far as I can see, and as you say, just the folks who have to sell.

C14N

TetrisLover wrote: »

The current offer on this property is 335k at the moment...
.daft.ie/for-sale/terraced-house-2-old-farm-carpenterstown-road-castleknock-dublin-15/3236822

I know houses are worth what buyers are willing to pay but still, this I just cannot comprehend.

This doesn't seem completely mad to me given the current state of things. The house needs work, but if you have a mortgage that allows for home improvements for, say €430k, which isn't crazy big money, you can sink a lot into fixing up that kitchen and bathrooms. Only thing I'd say is they're kind of taking the mickey calling this "Castleknock", which may put the price up somewhat. Looking at the official address on Eircode, "Castleknock" is not in it.

This is even worse. Semi detached in normal estate, crazy money

https://www.daft.ie/for-sale/semi-detached-house-4-glencairn-place-the-gallops-leopardstown-dublin-18/3237132

C14N

bubblypop wrote: »

This is even worse. Semi detached in normal estate, crazy money

https://www.daft.ie/for-sale/semi-detached-house-4-glencairn-place-the-gallops-leopardstown-dublin-18/3237132

Larger house, more expensive area, beside a Luas line, and while it doesn't look super modern it's not a fixer-upper either. I do think they're still pushing their luck a bit though at that price given that Leopardstown isn't quite Ballsbridge, but not to the same extent as the one in Kimmage.

Ace2007

C14N wrote: »

Larger house, more expensive area, beside a Luas line, and while it doesn't look super modern it's not a fixer-upper either. I do think they're still pushing their luck a bit though at that price given that Leopardstown isn't quite Ballsbridge, but not to the same extent as the one in Kimmage.

But the folk that want to live near their folks will be bidding like mad on it - so will probably go above that price.

Ace2007

Ace2007 wrote: »

But the folk that want to live near their folks will be bidding like mad on it - so will probably go above that price.

That's complete madness if it does!
Three quarters of a million? For a normal 4 bed semi, in a normal area.
Just crazy